Schaeffer Corporation reports $50 million accumulated other comprehensive income in its balance sheet as acomponent of shareholders’ equity. In a related statement reporting comprehensive income for the year, the company reveals net income of $400 million and other comprehensive income of $15 million. What was the balancein accumulated other comprehensive income in last year’s balance sheet?

Question

Schaeffer Corporation reports $50 million accumulated other comprehensive income in its balance sheet as a
component of shareholders’ equity. In a related statement reporting comprehensive income for the year, the company reveals net income of $400 million and other comprehensive income of $15 million. What was the balance
in accumulated other comprehensive income in last year’s balance sheet?

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